Doha: 360tf, a digital trade finance platform that connects banks and businesses around the world and enables them to seamlessly manage their LC financing needs, raised $1.5m within five months of launch in service.
The round was led by academics and industry professionals associated with the Founders in six countries.
360tf is the culmination of a decade of trade finance advisory experience and years of technology ideation by Nimai, headquartered in Singapore with a physical presence in Dubai, in India, Bangladesh and Qatar. 360tf aims to disrupt the manual, inefficient and costly task of finding LC funding for these stakeholders by creating a ubiquitous digital platform. The platform brings market efficiency to a largely offline, ad hoc and unstructured yet crucial element of trade finance. It brings several advantages such as non-recourse financing, low single-digit interest rate and market confidence for high-risk countries.
Within five months of going live, 360tf has amassed a gross transaction value (GTV) of over 125 million and a user base of over 110 companies from seven countries with annual revenue of 10 billion. of dollars.
Banks in the 360tf network are domiciled around the world and include international banks with strong balance sheets as well as regional and national banks.
For omni-sector businesses on the platform, a process that was once a tedious multi-channel exercise is now simple single-channel access to a world of trade finance.
360tf is a scalable, cloud-based platform that will take advantage of new technology trends to address pressing issues in trade finance, such as tokenizing trade assets for distribution to untapped non-bank liquidity sources. The co-founders, CA Pankaj Mundra, Capt Sunil Saraf, CA Nisarg Dugad and Vikram Lodha, have extensive experience in financial services. They draw on their previous experiences working with corporations and banks to fill a commercial void in trade finance and deliver a superior customer experience.
To better serve its clients in Qatar, Minakshi Miglani has joined 360TF as Senior VP & Head Coverage for Qatar and Oman. Miglani has been leading the Qatar business for five years as Director of Nimai Management Consultants (a QFC registered company) and directing operations in Qatar. She brings her corporate finance experience and advises clients on financial solutions to raise new debt capital or reduce borrowing costs.
“We’ve had fantastic responses from SMBs and large enterprises around the world, and we’re adding nearly one customer a day. We aim to onboard 1,000 customers before the end of the year. 360tf will cover 360 degrees of trade finance and will include trade asset distribution, open account financing, insurance, foreign exchange and a list of surprise offers to provide a one stop shop for trade finance worldwide” , said Pankaj Mundra, President & Co-founder of 360tf.
“We have reduced turnaround time by more than 50%. Our clients process over 50 LCs per month and use our flat rate pricing structure. They have realized significant savings in terms of time, effort, cost savings and operational efficiency using the 360tf platform,” added Vikram Lodha, CEO and co-founder of 360tf.